European silver purchases collapse in 2023 while U.S. maintains record pace
“During 2020-22, exceptionally strong demand for silver coins and bars by western retail investors was an important feature of the global silver market; this in turn contributed to a widening physical deficit,” the analysts wrote in the latest Precious Metals Weekly report. “In North America , silver physical investment hit successive record highs over 2021-22, with last year’s volumes more than double that of the 2019 total.
Much of this year’s change between North America and Europe is due to differences in demand for silver coins. “Starting with the US, the strength of investment is highlighted by how strong silver coin sales have been so far this year,” they wrote, and this despite restrained supply and high premiums. According to the results of the Metals Focus quarterly survey, “sales of newly minted silver bullion coins jumped by 23% y/y in H1.
The analysts said that the situation across the Atlantic was very different. “Silver bullion coin sales, for instance, dropped by 57% y/y in H1.23 in Europe, a level only marginally higher than that seen in H1.19,” `they said. “Meanwhile, after staying elevated for much of 2020-22, premiums on bullion products also eased back to pre-COVID levels.”
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